Lot 1577: UNITED PRESIDENTIAL LIFE INSURANCE CO.
29 October 2016
Brussels, BelgiumLive Auction
Description: 1965? INDIANA. 10.000 Common Shares of $1, specimen. orange, black. Large underprint of Mount Rushmore, with the familiar 4 presidents (George Washington, Thomas Jefferson, Theodore Roosevelt and Abraham Lincoln). Founded in 1965, United Presidential Life Insurance Company initially sold whole-life endowment policies, typically the most expensive type of life insurance sold, under which a policyholder receives the value of the policy if he or she survives the endowment period. The company did not begin to record its exponential growth until it switched to selling term insurance in the early 1970s. Term insurance is a cheaper alternative to endowment insurance that covers the policyholder for a limited, specified duration and became widely popular during the early 1970s. In 1981, the company's core insurance product switched from term insurance to universal life insurance, a type of insurance under which premiums were flexible, protection was adjustable, and insurance company expenses and other charges were disclosed to the policyholder. Taken over by Washington National in 1987. Only scripophily we have ever seen depicting Mount Rushmore.
Condition Report: EF